Advancing Truth and Accountability in Campaign Communications Act of 2001

Advancing Truth and Accountability in Campaign Communications Act of 2001 - Amends the Federal Election Campaign Act of 1971 to require the filing of a report with the Commissioner of the Federal Election Commission within 24 hours of each date during a calendar year (disclosure date) on which disbursements for electioneering communications exceed an aggregate of $10,000. Defines "electioneering communications" as certain communications broadcast from either a television or radio station that refer to a clearly identified candidate for Federal office.

Provides that if any person makes, or contracts to make, any payment for any electioneering communication, and such payment is coordinated with a candidate for Federal office or an authorized committee of such candidate, a Federal, State, or local political party or committee thereof, or an agent or official of any such candidate, party, or committee, then such payment or contracting shall be treated as a contribution to and an expenditure by such candidate.

Prohibits, in general, corporate and labor disbursements for applicable electioneering communications.